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Updates found with 'finance minister arun jaitley'

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Updates found with 'finance minister arun jaitley'

Simplified Return Filing Process and ITC claiming process:A comprehensive single return with details of inward and outward supplies. This will reduce the number of returns, help in invoice matching and have all details in one place. Focus will be on making everything tech savvy, on the move and supporting the idea of Digital India..Simplified ITC claiming process is the need of the hour to avoid waiting for confirmations, acceptances from the recipient or tedious tasks of uploading sale/purchase details to avail the credit.Two percent Incentive for Digital PaymentsThe GST Council, after its 27th Meeting, has decided to approve a proposal wherein a 2 per cent concession, subject to a ceiling of Rs 100 per transaction, may be offered to consumers in B2C transactions if they pay through digital modes..While attending a press conference after the GST Council meeting, Finance Minister Arun Jaitley said that “the issue before the council was whether on digital payments through either the banking mode or the cheque mode or any form of digitized mode, a two percent incentive should be given to those who pay entirely through digitized mode. This would be subject to a cap of Rs. 100 per voucher. And this would not apply to the composition dealers.”.The Government‘s move to provide concessional rate for digital payments under GST in B2C transactions is estimated to cost the exchequer around Rs 10, 000-25, 000 crore, depending on the share of such transactions in total digital transactions in a year. .E-Way Bill:A possible process wherein the E-Way bill is checked just once during transitAlternate lines for uploading details for generating EWBs in case of un-supported formatsOne-nation, one format for generating E-Way bill were states will avoid having their own forms in addition to the basic notified ones.Reverse Charge Mechanism:Preponement of applicability of Reverse charge mechanism(Before June 30). This could be initially only for a particular class of taxpayers, say dealers under composition scheme. .Other points:Imposition of a cess on sugar to help farmersInclude Real Estate/transfer of property into the GST regimeAmendment of the ITC provision in the GST to enable any business to take credit on any business-related expenses (employee transport etc.)Exemptions for payments made by employees for the services received from the employers (eg: canteen services)Based on various adjudications on anti-profiteering norms under GST, some clarity is expected from the councilEncouragement for digital transactions by providing cash backs, discounts, credits etc. IMPORTANT NOTICE GST Department* have started conducting raids on Business premises to see if the *GSTIN No is visible on Sign board of the Business premises*. Please get it affixed on Signboard and on the front door of Office. Notice can be issued if the GSTIN No is not mentioned on Signboard and on Front door of Business primses *U/s 125 of CGST Act 2017 and the penalty under this Section can be upto 25, 000/-.
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Ministry of Finance*GST Council approves principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification*GST Council today in its 27thmeeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. The key elements of the new return design are as follows – *One monthly Return*:All taxpayers excluding a few exceptions like composition dealer shall file one monthly return. Return filing dates shall be staggered based on the turnover of the registered person to manage load on the IT system. Composition dealers and dealers having nil transaction shall have facility to file quarterly return. *Unidirectional Flow of invoices*: There shall be unidirectional flow of invoices uploaded by the seller on anytime basis during the month which would be the valid document to avail input tax credit by the buyer. Buyer would also be able to continuously see the uploaded invoices during the month.There shall not be any need to upload the purchase invoices also. Invoices for B2B transaction shall need to use HSN at four digit level or more to achieve uniformity in the reporting system.  *Simple Return design and easy IT interface*: The B2Bdealers will have to fill invoice-wise details of the outward supply made by them, based on which the system will automatically calculate his tax liability. The input tax credit will be calculated automatically by the system based on invoices uploaded by his sellers.   Taxpayer shall be also given user friendly IT interface and offline IT tool to upload the invoices. *No automatic reversal of credit*: There shall not be any automatic reversal of input tax credit from buyer on non-payment of tax by the seller. In case of default in payment of tax by the seller, recovery shall be made from the seller however reversal of credit from buyer shall also be an option available with the revenue authorities to address exceptional situations like missing dealer, closure of business by supplier or supplier not having adequate assets etc. *Due process for recovery and reversal*: Recovery of tax or reversal of input tax credit shall be through a due process of issuing notice and order. The process would be online and automated to reduce the human interface.  *Supplier side control*: Unloading of invoices by the seller to pass input tax credit who has defaulted in payment of tax above a threshold amount shall be blocked to control misuse of input tax credit facility. Similar safeguards would be built with regard to newly registered dealers also. Analytical tools would be used to identify such transactions at the earliest and prevent loss of revenue. *Transition*: There will be a three stage transition to the new system. Stage I shall be the present system of filing of return GSTR 3B and GSTR 1. GSTR 2 and GSTR 3 shall continue to remain suspended. Stage I will continue for a period not exceeding 6 months by which time new return software would be ready. In stage  2, the new return will have facility for invoice-wise data upload and also facility for claiming input tax credit on self declaration basis, as in case of GSTR 3B now. During this stage 2, the dealer will be constantly fed with information about gap between credit available to them as per invoices uploaded by their sellers and the provisional credit being claimed by them. After 6 months of this phase 2, the facility of provisional credit will get withdrawn and input tax credit will only be limited to the invoices uploaded by the sellers from whom the dealer has purchased goods.  *Content of the return and implementation*: Return shall be simplified also by reducing the content/information required to be filled in the return. The details of the design of the return form, business process and legal changes would be worked out by the law committee based on these principles. Government is keen to introduce the simplified return design at the earliest to reduce the compliance burden on the trade in keeping with the philosophy of ease of doing business. 
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We are a globally dynamic Chartered Accountant firm with 4 years of the establishment; consistently making goodwill amongst the top newly firms in the country. Our main office is located in the business district of the nation’s capital, Tilak Nagar (Vishnu Garden) and we have our branch offices in several cities in India – Rajasthan (Churu), Uttar-Pradesh (Agra) and some of the new branches in other cities will be opened very soon. Currently, we are a full services firm with 3 partners and staff of over 30, providing, Finance, Financial planning, Investment consultancy, Mutual Fund Investments, SIP's, Tax planning Investments, Accounting, Assurance, and Consultancy as our core business lines for domestic and global businesses of medium to large size. We intend to be a one stop-shop for all your compliance and financial needs so that a business owner can remain miles away from the jargons of complicated Indian tax systems and can focus in his core area of business. We are multi-skilled, multi-disciplined, offering clients a wide range of industry-focused business solutions. We provide a comprehensive range of Accounting, Financial and Legal Consulting, Tax Management, Auditing, Wealth Management and Knowledge process outsourcing services. Our sphere of specialization includes accounting, payroll, auditing, advisory, taxation, company law matters, business consultancy and a host of other value added financial and legal consulting. The sphere of our service network includes Corporate House, Charitable Trust, and Banks, besides Individuals, LLPs, HUFs and Partnership firms. The clients we serve span across various industries such as Software and Information Technology, Manufacturing, Education and Welfare, E-commerce, Banking & Financial Services, etc.
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